The evolving ATO approach to tax compliance, penalties and debts in a post-COVID-19 world
Source: Victoria
Published Date: 4 May 2023
As we move towards a post COVID-19 world, tax relief measures have been wound back and the ATO has recommenced compliance, assurance and debt recovery activities. The ATO has issued numerous guides to taxpayers to assist with compliance obligations, but significant penalties can arise for non-compliance, including where a breach was inadvertent.
In this session, Luke and Alex provided practical examples and explored some key tax considerations, including:
- Penalties – what they are, when they are imposed and when may they be remitted in practice
- ATO practical compliance guides (PCGs) and other ATO administrative guidance – what it is, what it requires from taxpayers and the penalties for non-compliance
- Tax return lodgement obligations, including tax return schedules and public officer obligations – what is required and the penalties for non-compliance; and
- Tax debts – what enforcement options are available and how security requirements for potential tax debts of foreign residents divesting Australian land and non-land-rich assets have evolved in recent times.
Individual Session
Details
- Published By: Alex Patrick, Luke Imbriano FTI
- Published On:4 May 2023
- Took place at:Grand Hyatt Melbourne
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